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Guidelines for HSA Contributions

Once you have established qualifying health insurance coverage, you will then be eligible to setup and make contributions into your HSA. These contributions can be made as a lump sum on a monthly basis, or any other interval. This unique feature is especially attractive to businesses with seasonal income. Both the HDHP and HSA have to be established prior to the occurrence of an eligible expense in order to withdraw funds from the HSA tax-free. Although there is no requirement to deposit money into the HSA, there are maximum-contribution limits indexed for inflation from the Department of Treasury.

2011 Annual Contribution Levels for HSAs:
  • For 2011, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,050.
  • For family coverage the maximum HSA contribution is $6,150.
  • Catch up contributions for individuals who are 55 or older is increased by statute to $1000 for 2011.
2012 Annual Contribution Levels for HSAs:
  • For 2012, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,100.
  • For family coverage the maximum HSA contribution is $6,250.
  • Catch up contributions for individuals who are 55 or older is increased by statute to $1000 for 2012.

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"...HSAs are a terrific option that I think every American ought to consider."
John Snow, US Secretary of the Treasury

 
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About OFM Benefits Consulting

Licensed in 35 states, OFM Benefits Consulting, LLC is a Kansas-based, independent insurance agency offering affordable health insurance policies for individuals, families and companies, employee education programs and employee benefits consulting services. The OFM Health Division specializes in providing qualified health plans with health savings accounts (HSAs), which are consumer-driven health care plans that lower monthly insurance premiums and provide innovative, tax-deductible, savings mechanisms for investing the difference. Over 95% of the health insurance policies written by OFM agents are HSA-qualified plans...[Learn more about OFM]